Sheridan Inc. conducted an extensive analysis of the economy and concluded that the probability of a recession next year is 35 percent, the probability of a boom is 45 percent, and the probability of a stable economy is 20 percent. Your boss has estimated that the price of PakCom Ltd. will be $69 if there is a recession, $119 if there is a boom, and $94 if the economy is stable. Currently, PakCom is trading for $89.

Calculate the ex ante expected return on PakCom.(Round answer to 2 decimal places, e.g. 15.25%.)

Expected return= %